Spanish banks forced to tap ECB

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In a worrying sign of their inability to get funding from international capital markets, Spanish banks are borrowing record amounts from the European Central Bank. Iberian institutions ­borrowed €85.6bn (£71.3bn) from the ­central bank in May, double the amount extended to them in the run-up to the Lehman Brothers collapse in 2008 and the highest level seen since the launch of the Eurozone in 1999.